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Beach Report Downgrade to 2P Oil and Gas Reserves. 39% Increase in Realized Oil Price for Quarter. Reduced Production for FY22.
Beach Report Downgrade to 2P Oil and Gas Reserves. 39% Increase in Realized Oil Price for...
About this update from Newport Exploration Ltd
[{"type":"text","content":"\n \n \n \n Beach Report Downgrade to 2P Oil and Gas Reserves. 39% Increase in Realized Oil Price for Quarter. Reduced Production for FY22.\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n Trading Symbol: NWX (TSX-V)\n \n \n \n \n VANCOUVER, BC\n \n ,\n \n April 30, 2021\n \n /CNW/ - Newport Exploration Ltd (\"Newport\" or \"the Company\") provides an update on guidance for licences in the Cooper Basin,\n \n Australia\n \n , over which the Company has a 2.5% gross overriding royalty (\"GOR\"). This guidance was reported by Beach Energy Ltd (\"Beach\") (ASX:BPT) in its FY21 Second Quarter Report and Business Report for the period ended\n \n April 30, 2021\n \n , in an announcement dated\n \n April 30, 2021\n \n .\n \n \n \n \n \n \n \n \n \n \n \n Reserve Update\n \n \n \n \n Beach report that a review of 2P reserves across the Western Flank oil and gas fields, including the Bauer oil field on ex-PEL 91, was undertaken following recent declines in oil production. This review has resulted in a net downgrade to 2P reserves across their Western Flank assets. (Note: Western Flank includes the Company's GOR licences ex-PEL's 91,106,107 and PRL 26, as well as ex-PEL's 92,104 and 111, over which the Company does not have a GOR).\n \n \n With respect to the GOR licences;\n \n \n \n oil reserves in the Bauer oil field in ex-PEL 91 have been downgraded by 6.0 MMboe\n \n \n oil reserves in four other fields in ex-PEL 91 have been downgraded by 8.2 MMboe\n \n \n reserves in ex-PEL 106 gas fields have been downgraded by 7.2 MMboe\n \n \n \n \n \n Production Update\n \n \n \n \n Beach have not provided a specific production update for the GOR licences. However, Beach forecast FY21 production of 8.6MMboe for the Western Flank assets. Beach estimate that FY22 Western Flank oil production is expected to be 4.0-5.0 MMbbls below their previous estimates.\n \n \n The Company will update shareholders as soon as it is in receipt of any specific production forecasts for the GOR licences.\n \n \n \n \n Drilling Update\n \n \n \n \n Drilling of the FY...